The Austin real estate market news continues to tell the tale of rising homes prices, little inventory, and who’s moving to town. It is never a dull moment in this town and there is always an answer to ‘what’s next?
Austin Real Estate
The economic development pipeline is choc’ full of businesses either moving or expanding into the Austin MSA. I attended a market update with David Tandy, the CEO of Texas National Title, who highlighted some of those answers. One thing is for sure, the Tesla impact is far and wide. The greater Austin area is continuously expanding in population, industry, and housing developments. Expect more of everything in the next few years in Austin, except for water. I’m not sure where all the water is coming from.
Austin Home Buyers
Housing supply can’t keep up with the demand, though the market has cooled off just a bit. If you have been on the fence to buy, or if the market seemed too competitive two months ago – this may be your window of opportunity as people are enjoying the last few weeks of summer and settle into the new school year. Here’s an in-depth school guide by TNT at the Travis, Williamson, Hays, Bastrop, and Burnet County school districts and their most recent accountability ratings by the TEA.
Austin Real Estate Market
The market is leveling off and dare I say, even starting to be negotiable. I’m starting to see more and more price reductions coupled with homes that go through an entire weekend with no offers.
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Here is Culturemap Austin’s synopsis of ABoR’s July median home price YOY increases:
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In the city of Austin: rose 37.6% to $574,975.
In Travis County: jumped 34.4% to $551,000.
In Williamson County: rose 43.4% to $445,000.
In Hays County: increased 26.9% to $392,576.
In Bastrop County: went up 30.1% to $345,500.
In Caldwell County: increased 22.2% to $249,250.
People are still moving to Austin
People want to live in Austin. WalletHub ranked Austin among the 10 most attractive real estate markets in the U.S. To determine the most attractive real estate markets, WalletHub compared 300 cities across 18 key metrics. The data ranges from the appreciation of median home prices to job growth. Culturemap Austin breaks down the study by the personal finance website WalletHub here.
The wine market is even strong in Austin
USA Today ranked the Texas Hill Country Harvest No. 3 among North American wine regions in their 10 Best Readers Choice Contest. The Texas Hill Country and surrounding communities make up the 2nd largest source for wine in the country and is comprised of over 50 different wineries.